Chatham Serviced Apartments Glossary

The purpose of a glossary is to provide brief definitions, while not necessarily
legally accurate, are tailored to suit the meaning(s) given to the special
terms you may come across in dealing with accommodation. Additional meanings
for the terms may be found in a dictionary.

Amenities
Facilities provided by an Apartment or Serviced Apartment. These can include
swimming pool, landscaped gardens, club house, children's play area or park,
etc. These constitute the "extras" and are intended to improve
the quality of life of the residents in the development.

CBD or Central Business District
Commercial area and its immediate radius of 2 - 3 kms, typically located towards
the city centre, which forms the hub of all major commercial activity in
a city. Most of the larger corporate entities, large retail outlets and financial
institutions would be located in this area. The Real Estate prices here would
be the highest compared to all the other locations in the city.

Condominium
A Real Estate project in which each unit owner has title to a unit in a building,
an undivided interest in the common areas of the project, and sometimes the
exclusive use of certain limited common areas. Each individual owner may
sell or encumber his/her own unit.

Contract
A document of agreement between two parties valid under the law of the state.

Deposit
A sum of money given to bind the sale of Real Estate (earnest money), or a
sum of money given to ensure payment or an advance of funds in the processing
of a loan. Deposit could also be the deposit paid to a landlord as part of
a rental transaction.

Landlord/Owner
Any person who has a valid and legal right, title and interest in the property.

Lease
Lease is where there are no two kinds of payments made to the landlord by the
tenant unlike a rental transaction. A sum of money is paid to the landlord
at the beginning of the lease tenure, which is repaid without interest when
the tenure ends. No monthly payments are made.

Owner
Any person who has a valid and legal right, title and interest in the property.

Rent
Fixed periodic payment made by a tenant or occupant of property to the owner
for the possession and use thereof, usually by prior agreement of the parties.

Rental Agreement
An agreement, written or oral, which establishes or modifies the terms, conditions,
rules, regulations, or any other provisions concerning the use and occupancy
of a dwelling unit and premises; a lease on residential property.

Rental Transaction
Rental arrangement essentially means, for a monthly fee, the property is let
out by the landlord to a tenant. Most often than not, there is a Security
Deposit that goes along with this arrangement. This may also be termed as
Advance Rent. This is normally equivalent to 10 months, but may vary. The
Security Deposit or Advance Rent is repayable to the tenant after the tenancy
is terminated without interest.

Residential Property
Any property, which is used for residential purposes. These areas are specifically
earmarked as such by the concerned local authority.

Serviced Apartments
A Serviced Apartments or Corporate Housing is an exclusive, fully furnished
apartment or executive home. It is an excellent alternative to hotel accommodation
especially when you are being relocated, between homes, or are working away
from home for a period of time.

Tenant
One who is not an owner but enjoys possession of a property from the owner
on certain specified terms and conditions for a temporary period.

Term
The time limit within which a loan must be repaid.

Zone/Area
Parts of a city or town are allocated and categorized into zones, which in
turn will have a bearing on factors like type of property that can be constructed,
number of floors allowed for construction, etc.